我爱我家：2024H1业绩扭亏为盈，资管业务快速增长

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has turned profitable with a significant increase in asset management business [1] - The recovery in second-hand housing transactions in core cities is leading to a steady increase in market share [2] - The operational efficiency of the "Xiangyu" brand has improved, stabilizing performance [2] - The company is focusing on asset revitalization and cost reduction to enhance profitability [2] Company Overview - The company, established in 1998, is one of the earliest national housing brokerage service brands in China, with a business model that includes second-hand housing brokerage, new housing sales, and asset management [5] 2024H1 Performance Highlights - In 2024H1, the company achieved a net profit attributable to shareholders of 0.29 billion yuan, a year-on-year increase of 160.15%, marking a turnaround from a loss of 0.49 billion yuan in the same period last year [10][12] - The company's total revenue for 2024H1 was 5.815 billion yuan, a decrease of 7.17% year-on-year [10] - The gross profit margin for 2024H1 was 8.65%, a decrease of 2.22 percentage points year-on-year [12] Revenue Structure - In 2024H1, the revenue contributions from brokerage, new housing, asset management, and other businesses were 31%, 6%, 56%, and 6% respectively, with asset management's share increasing by 8 percentage points year-on-year [6] Key Highlights - Second-hand Housing Recovery: The brokerage business saw a revenue decline of 23.9% year-on-year, but the gross margin improved to 22.7% [2][14] - Asset Management Growth: The asset management business reported a GTV increase of 10% year-on-year, with revenue of 3.27 billion yuan, up 15.7% [18] - Cost Control and Efficiency: The company has effectively controlled various expenses, leading to a reduction in operational costs [21] Profitability Forecast and Investment Recommendations - The company is expected to benefit from the recovery in second-hand housing transactions, with projected net profits of 0.95 billion yuan, 1.85 billion yuan, and 2.74 billion yuan for 2024-2026 [30] - The report maintains an "Accumulate" rating based on the anticipated growth in the brokerage and asset management sectors [30]